Thursday, May 24, 2018
Business

Big-name CEOs call for tax hikes, spending cuts

WASHINGTON — CEOs from more than 80 major U.S. companies are pressing Congress to reduce the federal deficit by raising taxes and cutting spending. The deficit and how to tame it has become a key theme in the presidential campaign.

They warned in a statement issued Thursday that the uncertainty spawned by the deficit, which has topped $1 trillion for four consecutive years, is dampening businesses' hiring and investment and stifling the fragile economic recovery.

The CEOs said the solution requires a combination of higher taxes and reduced government spending, including on entitlement programs such as Medicare and Medicaid. They also seek federal investment in infrastructure and math and science education.

"What it really comes down to is if we still have the political will to be a great country," Dave Cote, chairman and CEO of Honeywell International, said in a statement.

The CEOs head a diverse array of corporations, including Aetna, Microsoft, JPMorgan Chase, Time Warner Cable, Merck, General Electric, Dow Chemical, Verizon Communications, Bank of America, AT&T and Allstate.

The group endorses the proposals of a special bipartisan commission that called for about $3 in spending cuts for every $1 in tax increases to save about $4 trillion.

Republican politicians and lawmakers have vigorously opposed tax increases. GOP presidential nominee Mitt Romney would lower deficits mostly through deep spending cuts and eliminating unspecified tax deductions. He also wants to lower the top tax rates on corporations and individuals.

President Barack Obama has proposed reducing the deficit by slowing spending gradually, to avoid suddenly tipping the economy back into recession. He would raise taxes on households earning more than $250,000 and impose a surcharge of 30 percent on those making more than $1 million.

The deficit currently has the government borrowing about 31 cents for every dollar it spends.

A year-end deadline looms for Congress and the White House to work out a deal on the deficit. Otherwise, across-the-board spending cuts and tax increases will automatically kick in, slicing about $100 billion from federal budgets and raising taxes by $400 billion as the nation goes over the so-called "fiscal cliff" in early January.

 
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